Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

(In Thousands)

The operations of the Company’s reportable segments are described as follows:

•The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, asset-based lending, factoring, equipment leasing and treasury management services, as well as safe deposit and night depository facilities.

•The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers.

•The Wealth Management segment, through the Trust division, offers a broad range of fiduciary services including the administration (as trustee or in other fiduciary or representative capacities) of benefit plans, management of trust accounts, inclusive of personal and corporate benefit accounts, and custodial accounts, as well as accounting and money management for trust accounts. In addition, the Wealth Management segment, through the Financial Services division, provides specialized products and services to customers, which include fixed and variable annuities, mutual funds and other investment services through a third party broker-dealer.

To give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment.

Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts.

The following tables provide financial information for the Company’s operating segments as of and for the periods presented:

	Community Banks		Insurance		Wealth Management		Other		Consolidated
Three months ended March 31, 2024
Net interest income (loss)	$	129,691	$	481	$	11	$	(6,893)	$	123,290
Provision for credit losses	2,438		—		—		—		2,438
Noninterest income (loss)	31,491		3,596		6,633		(339)		41,381
Noninterest expense	105,167		2,147		5,185		413		112,912
Income (loss) before income taxes	53,577		1,930		1,459		(7,645)		49,321
Income tax expense (benefit)	11,364		501		20		(1,973)		9,912
Net income (loss)	$	42,213	$	1,429	$	1,439	$	(5,672)	$	39,409
Total assets	$	17,303,709	$	41,905	$	5,409	$	(5,282)	$	17,345,741
Goodwill	$	988,898	$	2,767	—		—		$	991,665
Three months ended March 31, 2023
Net interest income (loss)	$	141,796	$	286	$	11	$	(6,318)	$	135,775
Provision for credit losses	6,460		—		—		—		6,460
Noninterest income (loss)	28,493		3,362		5,812		(374)		37,293
Noninterest expense	101,881		2,039		4,928		360		109,208
Income (loss) before income taxes	61,948		1,609		895		(7,052)		57,400
Income tax expense (benefit)	12,722		416		4		(1,820)		11,322
Net income (loss)	$	49,226	$	1,193	$	891	$	(5,232)	$	46,078
Total assets	$	17,362,799	$	37,168	$	79,452	$	(5,336)	$	17,474,083
Goodwill	$	988,898	$	2,767	—		—		$	991,665